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TD Cowen has raised Boeing’s price target to $200, citing recovery momentum from production improvements, stronger margins, and projected free cash flow growth. Analysts believe the stock is primed for significant gains after a tough year.
Boeing’s Price Target Raised to $200 Amid Recovery Potential
In a Thursday note, TD Cowen raised the price objective for Boeing from $190 to $200 and retained the Outperform rating, Investing.com reports.
According to the bank, the upgrade is driven by a mix of better fundamentals and strategy shifts. They anticipate that Boeing's stock might experience a rapid ascent once execution is enhanced.
Boeing's stock price has fallen 31% so far this year, making it what TD Cowen calls a "Dog of the Dow" in terms of recovery trades.
Boeing’s Tough Year Sets Stage for Future Growth
Analysts at the bank attribute the downturn to the company's "especially tough year," which includes increased FAA oversight after an accident in January, a 53-day strike, a change in CEO, a $15 billion cash burn, and delays in the supply chain.
The business asserts that these concerns pave the way for a recovery in 2025 and beyond, stating, "we expect the stock to move quickly, given the inflection (post-strike airplane production) is occurring now."
Looking ahead, TD Cowen highlights Boeing's opportunity for substantial growth in free cash flow (FCF), projecting $10-12 billion in FCF by 2028.
Improved Margins Propel Boeing’s Free Cash Flow Growth
The bank emphasizes the "dramatic" trajectory of Boeing's FCF growth, which is backed by increased margins on key models like the 787 and 737, despite the fact that issues such as certification delays for the 777X and production schedule persist.
TD Cowen highlights the company's alleged leadership's efforts to streamline concentrate on core businesses, specifically mentioning that Boeing "may divest BGS [Boeing Global Services] assets."
Long-Term Recovery Makes Boeing a Strong Investment Opportunity
TD Cowen says that Boeing is a great opportunity because of its strategic focus and potential for recovery. They say, "History shows that when BA's stock starts to 'work,' it can overshoot to the upside as investors reposition into the long cycle bellwether."
